Improved risk mitigation
BitGo provides robust insurance coverage against loss, theft, and misuse when holding all keys for cold storage. With coverage up to $250 million, this ensures the ultimate risk reduction.
COINMENA
Delivering secure digital asset solutions across MENA
A partnership that combines security and reputation with the innovation of a technology-driven solution.
Globally trusted since 2013
“You want a company that is responsive to feedback and sees you not as only a customer, but as a partner like we've been… BitGo’s help has been instrumental in getting CoinMENA where we are today.”
Key outcomes
As a registered exchange with regional authorities, CoinMENA is committed to complying with the highest regulatory requirements. As a result, there were several key factors that led them to choose BitGo as a partner.
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Expanded market reach
BitGo’s cold qualified custody and hot wallets effectively address both existing and recently emerging regulatory challenges, enabling CoinMENA to compliantly power 100% of their operations across MENA.
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Increased efficiency
With BitGo's advanced custody solutions safeguarding their clients’ assets, CoinMENA can focus exclusively on innovating their exchange offerings, without needing to allocate additional resources to maintaining security and compliance.
Bridging the gap between tradition finance and crypto
CoinMENA is a rapidly growing crypto exchange founded by CEO Talal Tabbaa, who noticed that traditional banking and financial institutions were lagging in adopting cutting-edge technology for financial services. The heavily localized nature of these institutions, bound by regional regulations, limited their ability to operate globally.
CoinMENA was created to address these challenges within the crypto space, particularly the difficulties retail users face with on-ramps and offramps. With its regulatory framework in place under the UAE and Bahrain authorities, CoinMENA simplifies and ensures compliance for users moving funds from the traditional banking system into crypto—and back again. In essence, CoinMENA serves as a seamless conduit for money flowing in and out of the crypto ecosystem.
Reducing regulatory risk while pursuing innovation
To minimize risk, Tabbaa believes that "one of the most important things financial institutions do, that crypto should learn from, is the separation of custody and brokerage in exchanges." He explains, "for example, Nasdaq and the London Stock Exchange don’t custody the shares traded within the exchanges." By keeping custody and brokerage separate, Tabbaa asserts this is the most effective way to prevent conflicts of interest, where custodians might cross-sell their services to their customers.
With this in mind, CoinMENA recognized that a qualified custody partner would be essential. However, with over 1.5 million users and an ambitious goal of onboarding 100 million people into crypto, CoinMENA faced the challenge of finding a partner who could offer not only security, a robust policy framework, and a proven track record, but also the innovation and agility of a technology-driven solution. That’s when CoinMENA chose to partner with BitGo to meet these critical needs.
The future is bright
Tabbaa views CoinMENA as a centralized interface for the masses that want to access all sorts of decentralized applications and financial services.” As they continue to grow, so does the number of people gaining access to crypto. Through their partnership with BitGo, CoinMENA is able to securely operate in compliance with regulations and manage customer funds responsibly, all while scaling up operations globally.
“As a registered exchange with regional authorities, CoinMENA is committed to complying with the highest regulatory requirements. As a result, there were several key factors that led them to choose BitGo as a partner.”